Pandora Media Inc (NYSE: P) shares spiked with an hour before Thursday's close, as the New York Times reported the company was exploring a sale. Though the report didn't mention a specific buyer, one analyst has shared his list of potential suitors with clients.

Contrary to the Times' assertion that now might be an odd time given Pandora's drastic decline in market cap, Tullo said the "story makes sense."

"Silicon Valley is a very different place today than it was and [Pandora's] body language towards me seems to have changed recently," he added.

Regarding his inclusion of Netflix in the list of potential acquirers, Tullo explained his reasoning. "I know [Netflix] is a stretch but if you think about it there is a solid strategic case justified by operating, content, and international market synergies."

With less than an hour before its earnings report, Pandora is up almost 8 percent, trading just over $9.00 per share. The stock is still off 41 percent over the past year and -75 percent in two years.